Analytics built by: Location, Inc.
Raw data sources: American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more
With 36,862 people, 14,396 houses or apartments, and a median cost of homes of $69,589, house prices in Lima are some of the most affordable in Ohio as well as the nation.
Single-family detached homes are the single most common housing type in Lima, accounting for 66.33% of the city's housing units. Other types of housing that are prevalent in Lima include duplexes, homes converted to apartments or other small apartment buildings ( 15.94%), large apartment complexes or high rise apartments ( 14.94%), and a few mobile homes or trailers ( 1.49%).
The most prevalent building size and type in Lima are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 42.65% owning and 57.35% renting.
At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Lima's housing was primarily built during this period, from the '40s through the '60s. A full 41.36% of the city's housing hails from this era. Other housing ages represented in Lima include homes built before 1939 ( 35.87%) and housing constructed between 1970-1999 ( 18.76%). There's also some housing in Lima built between 2000 and later ( 4.01%).
Vacant housing appears to be an issue in Lima. Fully 15.06% of the housing stock is classified as vacant. Left unchecked, vacant Lima homes and apartments can be a drag on the real estate market, holding Lima real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.
Lima's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Lima during the period has been just 1.20%, which is lower than 70% of US communities.
NeighborhoodScout's data show that during the latest twelve months, Lima's appreciation rate, at 6.34%, has been at or slightly above the national average. In the latest quarter, Lima's appreciation rate has been 0.46%, which annualizes to a rate of 1.86%.
Notably, Lima's appreciation rate in the latest quarter is one of the lowest in America.
Relative to Ohio, our data show that Lima's latest annual appreciation rate is higher than 60% of the other cities and towns in Ohio.
One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Lima differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Lima - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Lima real estate investment or home purchase decisions.
|$840,001 - $1,119,000||0.1|
|$560,001 - $840,000||0.4|
|$448,001 - $560,000||0.1|
|$336,001 - $448,000||0.3|
|$224,001 - $336,000||2.4|
|$112,001 - $224,000||14.4|
|$56,001 - $112,000||49.0|
|$0 - $56,000||33.1|
|Value Relative to Nation||Value Relative to State|
|Time Period||Total Appreciation||Avg. Annual Rate||
2019 Q4 - 2020 Q1
Last 12 Months:
2019 Q1 - 2020 Q1
Last 2 Years:
2018 Q1 - 2020 Q1
Last 5 Years:
2015 Q1 - 2020 Q1
Last 10 Years:
2010 Q1 - 2020 Q1
2000 Q1 - 2020 Q1
|* 10 is highest|
|AGE OF Lima HOMES|
|2000 or Newer||4.0|
|1970 - 1999||18.8|
|1940 - 1969||41.4|
|1939 or Older||35.9|
|TYPE OF Lima HOMES|
|Small Apt. Buildings||15.9|
|SIZE OF Lima HOMES|
|5 or more bedrooms||1.07|